Solar Panel Cost Guide in Round Lake Park, IL (2024 Update)

  • Round Lake Park Solar Installation Cost: $16,643
  • 25-Year Savings: $10,528
  • Payback Period: 18.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Round Lake Park

Find out what the average cost of installing solar panels is in Round Lake Park.

Although the national average of solar panels is $2.66 per watt, solar panels in Round Lake Park typically cost about 4.Because a 6.3-kW system is needed to cover the energy consumption of a typical home in Round Lake Park, the average price of going solar will be about $16,643 after claiming the federal solar tax credit of 0.

The true cost of your system can go above or below the average in Round Lake Park based on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.Many homeowners find installing solar panels is a fruitful investment. The average homeowner in Round Lake Park can save around $14,000 on their energy bills over 20 years.

You can click the button below to get connected with a vetted solar company in Round Lake Park that can help you get a more accurate cost estimate for your home.

Solar savings over time in Round Lake Park

Year Return on Investment
1 years $-15,487
3 years $-13,174
5 years $-10,862
7 years $-8,550
9 years $-6,237
11 years $-3,925
13 years $-1,612
15 years $700
17 years $3,012
19 years $5,325
21 years $7,637
23 years $9,949
25 years $12,262

Top Solar Installers in Round Lake Park

When making the switch to solar, many homeowners choose to use a solar company since overseeing your solar installation yourself can be a challenging project. Some solar installers, particularly local ones, can help you better understand incentives in Round Lake Park, therefore optimizing your ROI.

There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

See all of the solar companies in Round Lake Park

Factors that Affect Solar Panel Costs in Round Lake Park

Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that determine your overall cost in Round Lake Park: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.

Solar Equipment

When it comes to estimating the cost of solar panels in Round Lake Park, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by about $3,760 for each additional kilowatt you need.The brand of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.

Solar Financing Terms

If paying for solar panels in cash is out of reach, solar loans are a solid route because they lower your upfront costs and allow you to pay for your system over five to seven years on average.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.

Solar Panel Installation Company

A final consideration when trying to estimate the cost of solar for your home or business in Round Lake Park is the company you hire to install your PV system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that has the products, warranties and services you want and also fits within your budget.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $3.91 $16,424 $5,032 19.1 years
8 kW $3.84 $21,477 $7,130 18.8 years
10 kW $3.76 $26,320 $9,439 18.4 years
12 kW $3.68 $30,952 $11,959 18.0 years
14 kW $3.61 $35,374 $14,689 17.7 years
16 kW $3.53 $39,585 $17,630 17.3 years
18 kW $3.46 $43,586 $20,781 16.9 years
20 kW $3.38 $47,376 $24,143 16.6 years

How to Save on Solar Panels

Since the kind of solar panels and the installer you choose significantly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:

  • Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Contract: It’s important to read through your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
  • Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
  • Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Round Lake Park, IL Solar Cost FAQs

How much does it cost to install solar panels in Round Lake Park?

The average cost of solar panels in Round Lake Park is about $18,800 for a 5-kW system and $37,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you consume.

What other factors should I consider other than cost when buying solar panels?

The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.

How will solar panels impact my property value?

Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Round Lake Park is currently $195,923, so you can expect a value of about $8,033 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Round Lake Park is a fruitful investment.

How many solar panels do I need to power my home?

The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.

Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

Follow us